Gemini Therapeutics, Inc. (Nasdaq: GMTX), a clinical stage
precision medicine company developing innovative treatments for
genetically-defined age-related macular degeneration (AMD), today
announced a corporate restructuring, including several executive
officer transitions, to prioritize assets and focus on initiating
and executing GEM103’s resource-intensive pivotal trial in
geographic atrophy (GA).
“Given the positive safety, biomarkers data, and
pharmacokinetics observed in analyses of the initial ReGAtta study
data, Gemini Therapeutics conducted a strategic review to ensure
that its resources are utilized in the most efficient manner to
maximize value for its shareholders. Therefore, we are shifting
Gemini’s focus from a research and development organization to
exclusively become a development-stage company. Gemini will
concentrate its resources to advance GEM103 for the treatment of
genetically defined age-related macular degeneration (AMD). GEM103
has the potential to be a best-in-class complement regulator for
the treatment of GA,” said Jason Meyenburg, Chief Executive Officer
of Gemini Therapeutics, Inc. “We are planning to initiate a
controlled study of GEM103 in GA in early-2022, and are currently
engaging with regulators regarding the design of our late-stage
clinical development program.”
Corporate Restructuring and Leadership Transitions
As part of the Company’s restructuring, Gemini’s research and
non-clinical programs will be ceased, including activities
associated with gene therapy programs and translational research on
Complement Factor H (CFH) and Complement Factor I (CFI). The
Company will accordingly reduce employee headcount by 20% compared
to planned 2021 year-end headcount, including the elimination or
transition of certain leadership positions.
- Georges Gemayel, Ph.D., Gemini’s Chair of the Board, will
transition to serve as Executive Chair to further support and
partner with the management team through these transitions.
- Avner Ingerman, M.D., has been promoted to serve as Gemini’s
Chief Development Officer, taking on strategic development
functions and oversight including regulatory affairs and medical
affairs responsibilities.
- Brian Piekos, Chief Financial Officer, will now additionally
serve as Chief Business Officer and assumes additional leadership
responsibilities for various functions including manufacturing,
business development, and investor relations.
- Marissa Volpe and Patrick Truesdell will join the Company as
Gemini’s Vice President of Clinical Operations and Vice President
of Finance & Controller, respectively.
- The roles of Chief Scientific Officer and Chief People Officer,
held by Walter Strapps, Ph.D. and Precillia Redmond, respectively,
will be eliminated by the end of the year.
Mr. Meyenburg concluded, “I want to acknowledge that this
strategic transition directly impacts members of our team who
played a critical role in elevating our understanding of the role
of CFH in several disease conditions and advancing GEM103 into the
clinic. I am grateful to the entire research team, Walter, and
Precillia for their meaningful contributions, valuable partnership,
and dedication to Gemini’s shared goals.”
About Gemini Therapeutics
Gemini Therapeutics is a clinical stage precision medicine
company developing novel therapeutic compounds to treat genetically
defined age-related macular degeneration (AMD). Gemini’s lead
candidate, GEM103, is a recombinant form of human complement factor
H protein (CFH) and is designed to address both complement
hyperactivity and restore retinal health in patients with AMD.
GEM103 is currently in a Phase 2a trial in dry AMD patients with a
CFH risk variant and a Phase 1/2a study in patients with
neovascular age-related macular degeneration with or at risk for
macular atrophy. Gemini is also working to advance a potentiating
antibody for CFH, GEM307, towards clinical development for
treatment of systemic diseases. For more information, visit
www.geminitherapeutics.com.
Availability of Other Information About Gemini
Therapeutics
Investors and others should note that we communicate with our
investors and the public using our website
(www.geminitherapeutics.com), the investor relations website
(https://investors.geminitherapeutics.com/), and on social media
(Twitter and LinkedIn), including but not limited to investor
presentations and investor fact sheets, U.S. Securities and
Exchange Commission filings, press releases, public conference
calls and webcasts. The information that Gemini posts on these
channels and websites could be deemed to be material information.
As a result, Gemini encourages investors, the media, and others
interested in Gemini to review the information that is posted on
these channels, including the investor relations website, on a
regular basis. This list of channels may be updated from time to
time on Gemini’s investor relations website and may include
additional social media channels. The contents of Gemini’s website
or these channels, or any other website that may be accessed from
its website or these channels, shall not be deemed incorporated by
reference in any filing under the Securities Act of 1933, as
amended.
Gemini’s Forward-Looking Statements
Certain statements in this press release and the information
incorporated herein by reference may constitute “forward-looking
statements” for purposes of the federal securities laws. Our
forward-looking statements include, but are not limited to,
statements regarding our or our management team’s expectations,
hopes, beliefs, intentions or strategies regarding the future,
including those relating to the timing of and costs associated with
our planned restructuring, and the benefits we expect to receive
from the restructuring, the success, cost and timing of our product
development activities and clinical trials, whether such data, when
final, will be consistent with interim reported data, the timing to
commence future clinical trials, the potential attributes and
benefits of our product candidates, including GEM103, the
reliability of the interim or final results of studies relating to
safety and possible adverse effects resulting from the
administration of our product candidates, our ability to obtain and
maintain regulatory approval for our product candidates, our
projected cash runway and our ability to obtain funding for our
operations when needed. Forward-looking statements include
statements relating to our management team’s expectations, hopes,
beliefs, intentions or strategies regarding the future. In
addition, any statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. The words “anticipate,” “believe,” “contemplate,”
“continue,” “could,” “estimate,” “expect,” “intends,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “will,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. These forward-looking
statements are based on current expectations and beliefs concerning
future developments and their potential effects. There can be no
assurance that future developments affecting us will be those that
we have anticipated. These forward-looking statements involve a
number of risks, uncertainties (some of which are beyond our
control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements. These risks and
uncertainties include, but are not limited to, those factors
described under the heading “Risk Factors” in the Gemini’s most
recent Annual Report on Form 10-K filed with the SEC, as well as
discussions of potential risks, uncertainties, and other important
factors included in any of our future filings with the SEC. Should
one or more of these risks or uncertainties materialize, or should
any of our assumptions prove incorrect, actual results may vary in
material respects from those projected in these forward-looking
statements. Some of these risks and uncertainties may in the future
be amplified by the ongoing COVID-19 pandemic and there may be
additional risks that we consider immaterial or which are unknown.
It is not possible to predict or identify all such risks. Our
forward-looking statements only speak as of the date they are made,
and we do not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211005005233/en/
Investor: Argot Partners Sherri Spear 212-600-1902
gemini@argotpartners.com
Media: Argot Partners Joshua R. Mansbach 212-600-1902
gemini@argotpartners.com
Gemini Therapeutics (NASDAQ:GMTX)
Historical Stock Chart
From Apr 2024 to May 2024
Gemini Therapeutics (NASDAQ:GMTX)
Historical Stock Chart
From May 2023 to May 2024